Canadian government announces interest relief for agriculture producers

Ottawa: Following rising inflation amid unprecedented Covid-19 pandemic, the government of Canada has announced to hike the Advance Payments Program will increase from $100,000 to $250,000 for the 2022 and 2023 program years.

Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau said that the decision has been taken to save on average $5,500 in interest costs over the next two years.

This move will lead to total savings of up to $61 million over two years for approximately 11,000 producers, the Canadian government said.

Meanwhile, the minister said that government is committed to ensure producers have the resources they need to safeguard Canada’s food systems.